Top four tax havens (and why you wouldn’t want to live there)

It’s tax time.

3AW Drive’s finance expert Scott Haywood came up with a list of the best places to avoid paying exorbitant taxes. 

But with each, there’s a catch. 

Finance guru’s top four tax havens:

1. Bahamas – ‘To get there you need an employment contract and a long term work permit or the funds to buy a property which are some of the most expensive in the world.’

2. Monaco – ‘You need a contract from the employer approved or piles of cash to be able to get into there.’

3. Mauritius – ‘Non residents pay no tax on income earned outside of Mauritius so that’s where a lot of athletes, actors, entertainers base themselves as taxpayers in Mauritius but still remain Australian citizens.’

4. Bermuda – ‘To move to Bermuda you need to buy a house for over $1 million, and have significant professional, sporting, financial or legal qualifications to get a work permit.’

LISTEN: Scott Haywood explains why paying such low tax isn’t always a good thing